The private capital company Innova Capital has concluded a binding agreement with the Belgian company Recticel on the sale of a 100% stake in Trimo from Trebnje. The value of the transaction is 164 million euros. The deal is expected to be completed in the third quarter of this year, the company said.
“We are very pleased that Trimo has found its new home as part of Recticel,” said a senior partner at Innova Capital. Andrzej Bartos and added that given the strong business and cultural ties between the two companies, he is confident that “Trimo will continue its dynamic development and benefit from a place in such a prestigious group”.
“Today, Trimo is in great shape, ready for the next phase of growth. As a strategic owner, the Recticel Group is a great business hub for us, so we are very happy to join their family. With our strong presence in the insulation market and together with Trimo’s expertise both companies will gain significantly and become much stronger, “added Trimo’s CEO Božo Černila.
The Trimo Group is a European manufacturer of sustainable, mineral wool-insulated panels and envelopes for construction. Innove took over in early 2016, bringing the company significantly to increase its market share in Europe and becoming the second largest market player in its industry, they said.
Trimo sells its products in 60 countries around the world, has a sales network in 27 countries and has production facilities in Slovenia and Serbia. In 2021, Trimo employed approximately 480 people and generated 138.4 million euros in net sales.
Recticel is a Belgian industrial group with a strong European market presence, but also operates in Asia, Africa and the US. At the end of 2021, Recticel employed 5,145 people in 53 companies in 21 countries. In 2021, Recticel achieved consolidated sales of 1.03 billion euros.
Trimo has been owned by the Polish fund Innova Capital since 2016. In August 2020, the fund signed an agreement with the Irish concern Kingspan on the sale of a 100% stake in Trimo, and the takeover was scrutinized by the European Commission.
The Commission’s initial investigation revealed that Kingspan and Trimo are equal competitors in the sale of mineral fiber sandwich panels in many European countries. At this point, there were concerns that the proposed acquisition could significantly reduce competition for the product in the Czech Republic, Denmark, France, Hungary, Slovakia, Slovenia and the United Kingdom.
Kingspan then did not obtain a takeover permit from the European competition regulator by the contractual deadline, so sales fell into the water.